From business park to thriving Sydney community: the continuing evolution of Norwest
With an emphasis on sustainable living, the new Norwest Quarter masterplan is already attracting attention
4 min
There are many aspects that attract potential homeowners and investors in the apartment sector. For some, it’s about potential for capital growth and yield on their property. For most, though, it’s all about location.
For the longest time, Norwest in Sydney’s Hills District was best known as a business park bordering the neighbouring suburbs of Kellyville, Castle Hill and Baulkham Hills. In recent years, however, it has become home to a thriving community attracting a diverse group of residents across a range of demographics. Scratch the surface and it’s not hard to see why.
In addition to the business park, which continues to provide significant employment opportunities, the suburb is well serviced by schools and shopping precincts. With public transport links including Norwest Metro Station and bus services offering connection to the rest of Greater Sydney — part of a $9 billion investment in infrastructure — it’s no surprise that the Norwest apartment market has experienced strong growth over the past three years. This has been fuelled in part by projected population growth, with Transport NSW forecasting an average increase of 1.3 percent between now and 2037. The result is an additional 5,400 dwellings will be required over the next 15 years.
As demand for housing continues to exceed supply, prices are already on the move.
The median unit price in Norwest has increased by 6.3 percent per annum over the past 10 years and median sales price went up 8.7 percent in the past 12 months across 328 settled transactions. For prepared buyers and investors, opportunities to buy into the area should be seized upon.
Property developer Mulpha has been ahead of the curve in Norwest, with more than 30 years in the area spent developing the $2.5 billion commercial, retail and residential estate.
The release of its ground-breaking Norwest Quarter development is now poised to set a new standard for residential development in the Hills District, with a focus on liveability and sustainability.
Significantly, the mixed used development will provide housing for more than 2,000 residents across eight residential towers containing 864 apartments. Stage 1 has been designed by award-winning architectural firm Bates Smart and Smart Design Studio in consultation with environmental sustainability firm Finding Infinity and urban heat researchers at Western Sydney University. The development will not only aim to achieve carbon zero status, it will be a pleasure for residents to live in as well. Residential amenities will include EV charging points and community gardens with 70 percent of the 3.8ha site dedicated to open green space. The all-electric fit out of apartments will be off set by rooftop solar panels.
Beyond the residential design, Norwest Quarter will provide 6000sqm of space for cafes, restaurants, shops and services — everything that makes for vibrant, thriving neighbourhoods. And what makes good sense for residents makes a sound choice for investors.
Mulpha’s Head of Development, Tim Spencer said the demand for quality apartments in Norwest reflects a change in mindset in how people view apartment living.
“The demand for quality apartments will continue to grow not just due to relative affordability but also the lifestyle benefits,” he said.
“These include being able to live in a great location close to transport connections, education and public amenities, parks and recreational facilities, all within a vibrant community.
“This is increasingly appealing to a broad range of people from singles, couples and families, to empty nesters who want convenience and community. With people enjoying busy and active lifestyles through all stages of life, many people don’t want the responsibility, time commitment and cost of maintaining a house and garden.
“Of course, the most important consideration with buying any apartment is the quality of design and construction, by a developer with a strong track record and commitment to the area who stand behind their product.”
Norwest apartment purchaser, retired professor Lindsay Wasson, agrees. Having recently sold an apartment he owned with his wife at Norwest Lake — in Mulpha’s Watermark building — the couple have just bought a north-facing apartment in Norwest Quarter with full-length balcony.
“The apartment we have bought in Norwest Quarter is all-electric with double glazing, solar roof panels, high-rating insulation, water and energy efficiency, EV charging in car spaces and the list goes on,” Mr Wasson said.
“Combine these great elements (earning a NatHERS rating of 7.8) with Mulpha’s outstanding build quality, and the confidence we have in the company, buying into Norwest Quarter is probably the best decision we have ever made.”
Mr Wasson said he and his wife are confident they’ve made a sound choice.
“We are excited by the development and absolutely relaxed about the purchase,” he said. “We know we are buying from a quality developer who has earned our trust over many years. While this purchase is not for investment purposes, we also know that this future-proof building can only increase in value as an exemplar of design excellence and high-level sustainability.”
For more information, visit norwestquarter.com.au
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Strong rental fundamentals and tight supply have driven more than $155 million in Sydney apartment block and residential investment sales over the past year.
2 min
Sydney’s residential investment market has recorded $155 million in apartment block and townhouse sales over 2025, underscoring continued investor confidence in rental-led assets despite broader economic uncertainty.
The transactions were completed by Knight Frank’s Investment Sales agents James Masselos and Adam Droubi, who negotiated 19 sales across Sydney during the year.
Residential investments accounted for 75 per cent of their total sales activity, supported by more than 4,200 active purchaser enquiries.
Co-living deal sets national benchmark
Among the standout transactions was the off-market sale of 142 Carillon Avenue in Newtown, a 37-studio co-living apartment block located close to the University of Sydney and Royal Prince Alfred Hospital.
The property sold for $21.5 million, setting a new benchmark for the living sectors market nationally.
The deal achieved approximately $581,000 per bedroom, believed to be one of the highest per-bedroom results recorded for a co-living asset in Australia.
Inner-city assets trade in one line
Other notable sales included a group of 12 townhouses at 108 Illawarra Road in Marrickville, sold in one line for $14 million, and a block of 20 studio apartments at 171 Rowntree Street in Birchgrove, which changed hands for $6.7 million.
Both transactions reflected strong buyer competition for well-located residential assets with established income streams.
Supply constraints underpin momentum
Mr Masselos said Sydney’s apartment block market continued to benefit from tight supply and strong rental conditions.
“Apartment blocks and broader residential investments remain a robust asset class, underpinned by strong rental growth, record low vacancy levels and scarcity of stock,” he said.
He added that more than $25 million worth of residential investment opportunities are expected to come to market in 2026, with buyer enquiry remaining elevated.
Mr Droubi said competitive sales campaigns had become a feature of the market as investors sought secure income and long-term value.
“Supply constraints and ongoing population growth underpin market strength,” he said. “New approvals and completions lag demand, keeping stock tight and boosting both rents and prices.”
Vacancy rates keep pressure on rents
According to Knight Frank, rental demand across Sydney remains intense, with vacancy rates well below typical “healthy” levels.
Many middle and outer-ring suburbs are recording vacancies of around 1.5 per cent or lower, maintaining upward pressure on rents and reinforcing the appeal of residential investment assets.
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